Making history with FiSync – Real time bank transfers are here

Today is a big day for Dwolla and the financial services business. FiSync is live in the world.

Today, over 160,000 people are going to officially have access and the ability to participate in a different style of transaction. The new way to move money in this nation isn’t only safer, faster and more secure by design, but it’s smarter and more compatible with tomorrow.

Today, FiSync Core is officially live and it’s moving real money in real-time without the 40 year-old Automated Clearing House, expensive debit networks or credit advancements. It makes moving money easy and real-time.

Real-time bank transactions appear so simple with FiSync it’s almost hilarious. Check it out :

Simple, huh?

This isn’t a parlor trick, this isn’t a new “layer” or “behavior” that we’re adding to the payment stack. This is us returning to the simple idea that money moves from Point A to Point B.  And we’re not hiding or floating money, these are real funds and real transactions.  Today is raw proof that reducing electronic transactions isn’t only possible, but that financial institutions find value in bringing it to their members and customers.

So what does this new partnership mean?

  • A system that moves money in real-time is live
  • A system that communicates more effectively is live
  • A large group of Dwolla users can now unload and load money (send or receive) without delays at all.
  • A system that reduces payment friction for consumers, financial institutions, developers and merchants is live
  • A system that inherently better protects you than before is live
  • A system that promotes efficiency in the $34 trillion electronic landscape is live
  • A system that empowers businesses to stay competitive is live
  • A system that allows the national economy to better compete and innovate is live

We’re throttling access to the FiSync code because of demand (we’re hiring), we have an overflowing pipeline and schedule, as well as an even healthier inbox of voicemail and email, but that doesn’t mean you shouldn’t get loud. Tell your bank or credit union that you want FiSync. It’s free, lightweight and helps them meet the demands of their members, aka you, and other participants in a 21st century economy.

It’s a brave new world,

#getfisync

  • http://www.facebook.com/profile.php?id=71006504 Jonathan Towell

    fantastic! congrats!

  • http://www.facebook.com/biz.burnett Biz Burnett

    Thank you for making this brilliant technology FREE.  I’m going to nominate Dwolla NOW for the Nobel Peace Prize in Economics!

  • Bob

    I’m glad to hear demand for this product is growing at a near insatiable pace. I’d be curious as to how long the conversion process was for Veridian and how many additional community financial institutions are knocking on the door following their success. If you guys can expand FiSync beyond your local area banks, it would be pretty earth shattering (not that I’m not saying anything you don’t already know, just very interested)

    • http://twitter.com/CaityLJones Caitlin Jones

      Definitely something we’re working on, Bob – the more financial institutions using FiSync the better! We’re streamlining the process so that we can basically hand over the FiSync API and documentation to a financial institution to have them integrate, test, and roll it out on their own.

      • beth

        How is the clearing and settlement done once you are dealing with transactions that are not taking place on the books of a single FI (on-us transactions)?  Will you be using Fedwire to clear and settle?  There are only a few options for clearing and settlement. What does your CU use?

  • http://www.simplerna.com H2

    Great news! FiSync will be very useful.

    Can you post a list of currently participating banks? And, please update the list as new banks come online.

    Also, the demo video is hard to see + there is no voice, so difficult to make out what is being shown.

    • http://twitter.com/CaityLJones Caitlin Jones

      Currently, the only live bank with FiSync is Veridian Credit Union. However, as new banks roll out with FiSync we’ll be sure to let everyone know! And here’s a video you may find more interesting, it’s Ben giving the FiSync demo at Finovate this past May: http://www.finovate.com/spring12vid/dwolla.html

      • anon

        Let me start out by saying that this is a great concept, and I hope it catches on, for the sake of Dwolla and it’s users.

        However, for this to really catch on and “make history” as this blog posts suggests, I think you guys need to build a protocol that all banks can use. This way they can transfer between Dwolla, other banks, and other payment processors. Otherwise, in my opinion, this does not have the appeal for the major banks to pick this up.Veridian CU is the only one I’ve heard about for some time now, but Dwolla is certianly growing and getting media attention.. so prove me wrong!

      • Thom

        This comment is a year old. Any update to the list? This blog post comes up when I google “FiSync bank list”. Has a proper list been published?

        • CaityJones

          Hey Thom — we’re still hard at work on this product. When working with financial institutions, we have to move at a slower speed to ensure we are meeting all requirements imposed by regulatory bodies and our own security measures.

  • ScrittiPoliti

    It’s high time to eliminate the purposeful delays and rip-offs associated with transferring money (hear that, E-Trade?).  Good job getting this implemented.

    But please… no douchetags!

  • HumbleJohn

    Canada. Need. When?

  • paperdetective

    The US economy is going to function a lot faster once FiSync has been implemented nationwide. No need for credit cards nor cash anymore. No need for overdrafts either.

  • http://twitter.com/CLEAREDCHECK CLEAREDCHECK SYSTEMS

    Fantastic new development for the payments space…

  • Josh Coldwell

    How is this different that what others – such as Fiserv’s CashEdge (fomerly PopMoney) – have done in the past to create real time networks? In both cases, it seems that the real-time benefit is only as powerful as the size of the network.

  • qkslvrwolf

    Duly requested of USAA.  Good luck.

  • Irene

    Can you offer more guidance in helping market FiSync? Is there a landing page I can direct my credit union to that’s persuasive?

    • http://quite-a.few David Anderson

      Yeah, agreed. Would love to hound New Resource Bank here in SF.

    • http://twitter.com/bpmilne Ben Milne

      FiSync.Dwolla.Com – If you drop us a line with the name of the FI it might help us prioritize if they have already requested access to the real-time API.

  • Bruce

    How many banks are part of the network?

  • Jack

    Do you have a timeline on when this will be available for Bank of America?

  • http://www.facebook.com/profile.php?id=1453894115 Jason Vincik

    It would be lovely if you provided us with appropriate contacts at the top banks so that we can state our appeal for this technology.

  • JT

    Who are the lucky 160,000?  Am I one of them, or are you going to hold onto everything over $100 for a week like you have so far, after your company CLAIMED you’d have it in my bank account in a day?

    • http://www.facebook.com/profile.php?id=1143368409 Jim Kelly

      This is a statt-up, JT. Have a little patience! 

      My experience seemed to depend more on the speed of the bank involved rather than on Dwolla. Same transaction took 4 days to arrive and was deposited before I even bothered to check!

  • Vincent

    So, do both sender and receiver  have to  be members of participating financial institutions for this to work? Will processing fees change? Also, will Dwolla facilitators have access to this services?

  • Chandra

    What is the purpose of that video above. Utterly unwatchable. You guys come across qutie amateurish. Yank it. I watched the other video you posted. That is better. Even there,  you need to walk the user through what the heck is going on. Refreshing a screen without telling whose account that is is pointless. You guys need to get your presentation skills sharpened up

    • http://www.facebook.com/profile.php?id=1143368409 Jim Kelly

      I disagree. It shows how in about 45 seconds money can be moved from one person’s bank account to another’s. As a Dwolla user, I was happy with their “beta” speed but this totally rocks.

      Yea Dwolla. 

  • Mike

    How would I go about pitching this to the credit union that I currently work at? It’s pretty small and I can easily meet with the CEO.

  • http://twitter.com/jbiroscak Jesse Biroscak

    Would love some sound on the video – really tough to watch. It’s a great product, and I’m stoked to use it, but I need a better intro video. :) Keep on rockin’.

  • Jazyskowski

    I just asked CitiBank to offer FiSync.

  • Jazyskowski

    I agree with others that not having audio to explain what is happing in the video makes it difficult to follow.   Still, I was able to see a Dwolla balance of only $21.73 and a transaction for $145.75 which was sent directly from the sender’s Veridian Credit Union account without the money first being deposited into Dwolla. This could be an amazing time saver if we could do this from any bank or credit union and not just Veridian. Cudos to Dwolla.  PayPal should be shaking in their boots.  Once Dwolla goes international it will become the electronic payment processor of choice.

  • Jamison Valenta

    First, thank you for continuing to push on this. . . I can’t imagine the amount of inertia you are pushing against in order to offer a legitimate alternative to ACH.  Also, as a developer, the insane balancing act you are doing between security, fraud-prevention, and speed.  Oh, and lawyers.  Kudos to you for attempting something of this magnitude – if you were in CHI I would totally sign on.

    Is the plan to have instant transfers function for use through the off-site gateway?  It’s great to be able to send money instantly manually, but having this sort of functionality embedded in your gateway API would, well, make me the happiest developer/business owner ever.

  • Walter Christian

    How many and what are the Bank names that are part of the the FiSynch network?

  • http://www.timetopivot.com/ JB Beyer

    I would love to see mass adoption and other startups use this. When will the API be available?

    • http://twitter.com/bpmilne Ben Milne

      You can access the FiSync API as a consumer developer through dwolla.com/dev. The FI API is available at fisync.dwolla.com.

  • Rocheandgraham

    I am a start up company and want to be able to offer FiSync to my costumers to seamlessly transfer money between each other accounts. Can we be an affiliate, and if so how can we get in contact with Dwolla to set this up?

    • http://twitter.com/bpmilne Ben Milne

      Honestly, nothing complicated required. You can build an app that uses the Dwolla consumer API (dwolla.com/dev) and your users will benefit from it. There are more API changes in the pipeline for more functionality as well if you have ideas!

  • Karsten Nick

    Does this mean you can transfer money from your own bank to dwolla this quickly? And vice versa? Or is it just sending and receiving to and from other people?

  • Mervjohnson61

    I can’t get Dwolla to recognize my Android phone. Why not?
     

  • http://twitter.com/_AndreThomas_ Andre Thomas

    Still wondering why this has not been introduced much earlier as real time transactions are a real benefit for the customers , no doubt …

    Probably because of the fact that the actual delayed transaction includes an additional level of security concerning the ability for deeper proof of
    the transaction partners or in case of fraud detection some sphere of influence to interfere.

    Since the delay in recent payment methods is very much dependent on additional security measures to defend against various fraud attempts
    the whole procedure includes much more than the actual logistic problems in processing transactions. Cutting various steps of the transaction process
    in order to speed up proceedings doesn’t seem to be a good idea in this regard. Protection operations will have to expand the process the more popular
    the service gets and fraud interests grow out of this fact.

    So e.g. it seems to be quite comprehensible that opening a banking account demands much more than opening an email account with a simple verification
    of the email adress ….

  • http://twitter.com/_AndreThomas_ Andre Thomas

    check test …. some comments are not allowed ??

  • Morourke

    How is FiSync different from similar services like Popmoney?

  • Derrickv

    Please contact me.  We are interested in offering this to our members.  [email protected]

  • Joe Chesmer

    Question… So if a bank or credit union goes live with FiSync. Then any of their banking customers can move money from their bank account to any other Dwolla Merchant or Dwolla Consumer? Does the money go into that merchant or persons Dwolla account or one more step into their bank account?